India's Tata Steel Limited will ramp up the capacity of its subsidiary Neelachal Ispat Nigam Limited (NINL) to 5 million mt entailing a capital expenditure of $4.15 billion, Tata Steel Limited managing director T V Narendran said in a statement on Tuesday, October 6.
“It will be an expansion of long products to improve product mix and lower cost structure,” he stated.
In 2022, Tata Steel completed the acquisition of Odisha-based NINL through the government's disinvestment program via erstwhile subsidiary Tata Steel Long Products Limited, with a successful bid of around $1.24 billion.
The former government-run NINL operates a 1 million mt steel mill located at Kalingangar in the eastern state of Odisha. Prior to its acquisition by Tata Steel, it had been shut down for three years owing to a lack of funding and other management reasons.
